The Dow slipped 0.09% despite upbeat earnings reports whilst the partial government shutdown prolongs as 2 competing Senate bills to reopen the US government failed on Thursday. Moreover, a US official stated that the US and China are far from reaching a deal stretching the uncertainty over whether the two economic powerhouses can resolve the trade dispute before deadline on March 1st. Thus global growth worries are challenging decent corporate earnings in the short run as the negative fundamentals have left an effect on market sentiment more than it has on the nation’s economic performance putting an imminent end to the bear market in question.
The Dow continued to fluctuate on Thursday before closing 22 points lower at 24553. Uncertainty has limited gains on the DOW index and leaves it in negative territory as it struggles to retest the resistance zone of 24740. Price action will continue to range within the resistance and support levels at 24600 and 24360 respectively, before breaking the levels to dictate direction.
Support: 24450 / 24370